Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 5.63% to settled at 1483 while prices up 6 rupees.
Now MCX Nickel is getting support at 1469.3 and below same could see a test of 1459.9 levels, and resistance is now likely to be seen at 1489.3, a move above could see prices testing 1499.9.
Nickel yesterday settled up by 0.41% at 1478.7 as the supply of raw materials was still tight as the inventory of nickel ore grew slowly.
The domestic ferronickel plants were still under the influence of power rationing, pushing up the demand for nickel plate as an alternative for ferronickel. The output of stainless steel is expected to stabilise in October, though the production restrictions remained.
The demand from the new energy sector was still robust. The downstream sector also showed greater restocking demand on dips. China’s trade surplus with the United States stood at $42 billion in September, Chinese customs data showed, up from $37.68 billion in August.
For the first nine months of the year, the surplus was $280 billion, up from $237.99 billion during the first eight months of 2021. Last week, top trade officials from the United States and China reviewed the implementation of the U.S.-China Economic and Trade Agreement.
The United States has been pressing China to hold its commitments under a ‘Phase 1’ trade deal which has eased a long running tariff war between the world’s two largest economies.
U.S. consumer prices increased solidly in September and are poised to rise further in the months ahead amid a surge in the costs of energy products, which would cast doubts on the Federal Reserve’s view that high inflation is transitory.
–Nickel trading range for the day is 1459.9-1499.9.
–Nickel prices rose as the supply of raw materials was still tight as the inventory of nickel ore grew slowly.
–China Sept trade surplus with the United States at $42 billion.
–The domestic ferronickel plants were still under the influence of power rationing, pushing up the demand for nickel plate.
Courtesy: Kedia Commodities
Source: Comodity Online